- 3 min
Paris, 10 February 2010 - In 2009, Amundi Immobilier1 maintained a substantial level of acquisitions and disposals, generating total transaction volumes of 400 million euros on behalf of its real estate funds (SCPIs2 and OPCIs3).
Total investment by Amundi Immobilier across all its funds in 2009 amounted to 160 million euros:
- Commercial real estate investments were focused on recently developed, rented office buildings (with an average remaining lease term of more than four years). Most are located in the Paris region, with some in Lyon and Montpellier. Examples of recent investments include:
- Edissimmo, an SCPI, acquired "Les Boromées 3" at the end of 2009. Located on Avenue du Stade de France, in the Paris suburb of Saint-Denis, this 12,000 m² building is fully let. It was acquired for 78.4 million euros (excluding conveyancing duty but including legal and agency fees: yield of 7.7%
- Slivimo and Lion, both SCPIs, acquired two buildings on Avenue Tony-Garnier in the Gerland business services park in Lyon, completed in 2007 and fully let to a pharmaceutical company: yield of 7.5%
- French Regions Office Fund, an OPCI, acquired a 9,600m² building on Avenue Marcel-Dassault in Montpellier, developed in 2007. The premises are rented to an insurance company and an IT engineering services company under protected six and nine year leases: yield of 9%
- In residential property, Amundi Immobilier completed the first acquisition on behalf of Scellier Premely Habitat, an SCPI, consisting of 27 flats on Rue du Contrat Social in Asnières, on the outskirts of Paris. Other buildings are currently being acquired for the same fund, which is capitalised at 100 million euros
In addition to these acquisitions, disposals totalling 240 million euros were made for various SCPIs during the year.
- 35 properties were sold for funds invested in business premises which were mostly small, old buildings
- 66 apartments were sold as condominium conversion units for 20 million euros on behalf of funds invested in residential real estate
1Includes Crédit Agricole Asset Management Real Estate (CAAM RE) and Société Générale Asset Management Real Estate Investment Managers (SGAM REIM) 2SCPI = Société Civile de Placement Immobilier, real estate investment trust 3OPCI = Organisme de Placement Collectif en Immobilier, real estate collective investment scheme